The Rising Cost of Health in Retirement
When planning retirement, most people focus on super and lifestyle. Yet health costs can quietly become one of the biggest challenges. Nearly half of older Australians live with a chronic condition.*
The Health Reality
- Dementia cases are projected to rise from 332,000 to around 900,000 by 2050**
- Private health premiums rise faster than inflation
- Out-of-pocket medical costs are significant
Budgeting for Health
- Keep a “health buffer” fund
- Review health insurance cover
- Use concession cards for discounts
- Plan for aged care
Final Thought
Health costs are not an optional extra – they’re central to retirement planning. Preparing early helps protect both finances and quality of life.
References
- Australian Institute of Health and Welfare (AIHW). Older Australians Report, 2024.
** Dementia Australia. Projections 2050, 2024.
Disclaimer: This information is of a general nature only and does not constitute advice. It has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Hendrie Financial Strategies is a corporate authorised representative of the Madison Financial Group Pty Ltd, Australian Financial Services License No 246679, ABN 36 002 459 001.
